Also on this time people not more invest in ICO as in past, they watch before and wait to see if really worth and more people will invest in old projects, like ETH, Bitcoin and other top coins because this already have an history and don't fail over time.
Yes, the people nowadays are not spending their money for different ICO but they are now usually prefer to buy it on the listed exchange after the ICO completion on which they have an possibility to get it in low price and they can know the popularity of it in the market on which can help them to decide easily and get those only potential tokens.